Warren’s Assault on Retiree Wealth

Her vision of ‘accountable capitalism’ would destroy savings built over a lifetime—and sink the economy.

Democratic hopeful Elizabeth Warren has released yet another plan. This time she wants to regulate and tax private equity transactions that have saved countless businesses. Images: Getty/Everett Collection / Composite: Mark Kelly

By

Phil Gramm and

Mike Solon

Sept. 10, 2019 6:41 pm ET

Who owns the vast wealth of America? Old folks. According to the Federal Reserve, households headed by people over the age of 55 own 73% of the value of domestically owned stocks, and the same share of America’s total wealth. Households of ages 65 to 74 have an average of $1,066,000 in net worth, while those between ages 35 and 44 have less than a third as much on average, at $288,700.

A socialist might see injustice in that inequality. But seniors know this wealth gap is the difference between the start and the finish of...